India’s Prakash Steelage is to sell another tranche of shares in its stainless steel seamless tube making unit to its Spanish joint venture partner Tubacex. Its Board has approved the dilution of its equity stake in the tube making joint venture by a maximum of 12.47%. In July 2015 Tubacex completed the acquisition of 68% of the Indian company’s stainless seamless tube division, and retained an option to buy the remaining 32%. The JVC runs a seamless tube plant near Mumbai which has an annual turnover equivalent to Euro 25 million. (Source - SBB, London)
Russian pipemaking multinational TMK has agreed to sell 10 billion Rubles (US$ 137 million) worth of its shares to Russian Vneshtorgbank (VTB Bank) in order to raise capital to reduce its debt. This represents 8% of the firm's shares. As at September 30, 2015, TMK had a total debt of US$ 2.8 billion with 31% of this being denominated in Rubles.(Source – SBB, London)
Hot rolled coil prices showed modest gains last week in many of the regional markets.In Southern Europe, the weekly average of TSI’s daily HRC reference prices increased by Euro 3/T to Euro 285/T ex-mill. In Northern Europe the HRC price was unchanged on-week at Euro 317/T ex-mill. In the USA, the weekly average of TSI’s daily reference price for HRC gained US$ 2/short ton on the week to US$ 373/s.T. FOB Midwest mill. HRC prices also marked an increase in Asia, with the reference price for imports going up by US$ 3/T to US$ 274/T CFR ASEAN port. (Source - SBB, London)
Fourth round of coal auction has received a poor response from steel and cement firms, forcing the Government to consider deferring the bidding. Response for most blocks was not encouraging as the steel industry is going through a rough phase. The Government is exploring to either defer the bidding or extend the deadline for submission of bids. (Source - Metal Junction)
China, the world’s largest coal consumer, has decided to halt new coal mines approval for the next three years while it continues cutting output at existing operations, in a new effort to shrink both oversupply and a worsening pollution crisis. Beijing will shut more than 1,000 coal mines next year, taking out 60 MT of unneeded capacity. (Source – Mining)
Odisha would have an incremental steel capacity of 59.6 MTpa by 2025-26, taking its overall installed crude steel capacity to 75.6 MTpa, up from the existing 16.2 MTpa. The capacity augmentation in steel by Odisha would be the highest among all states followed by Jharkhand that is projected to add 56.8 MTpa by the period, as per a study commissioned by Mecon Ltd for Union steel ministry. (Source - Press Reports)
Russian pipemaking multinational TMK has agreed to sell 10 billion Rubles (US$ 137 million) worth of its shares to Russian Vneshtorgbank (VTB Bank) in order to raise capital to reduce its debt. This represents 8% of the firm's shares. As at September 30, 2015, TMK had a total debt of US$ 2.8 billion with 31% of this being denominated in Rubles.(Source – SBB, London)
Hot rolled coil prices showed modest gains last week in many of the regional markets.In Southern Europe, the weekly average of TSI’s daily HRC reference prices increased by Euro 3/T to Euro 285/T ex-mill. In Northern Europe the HRC price was unchanged on-week at Euro 317/T ex-mill. In the USA, the weekly average of TSI’s daily reference price for HRC gained US$ 2/short ton on the week to US$ 373/s.T. FOB Midwest mill. HRC prices also marked an increase in Asia, with the reference price for imports going up by US$ 3/T to US$ 274/T CFR ASEAN port. (Source - SBB, London)
Fourth round of coal auction has received a poor response from steel and cement firms, forcing the Government to consider deferring the bidding. Response for most blocks was not encouraging as the steel industry is going through a rough phase. The Government is exploring to either defer the bidding or extend the deadline for submission of bids. (Source - Metal Junction)
China, the world’s largest coal consumer, has decided to halt new coal mines approval for the next three years while it continues cutting output at existing operations, in a new effort to shrink both oversupply and a worsening pollution crisis. Beijing will shut more than 1,000 coal mines next year, taking out 60 MT of unneeded capacity. (Source – Mining)
Odisha would have an incremental steel capacity of 59.6 MTpa by 2025-26, taking its overall installed crude steel capacity to 75.6 MTpa, up from the existing 16.2 MTpa. The capacity augmentation in steel by Odisha would be the highest among all states followed by Jharkhand that is projected to add 56.8 MTpa by the period, as per a study commissioned by Mecon Ltd for Union steel ministry. (Source - Press Reports)
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